"Karnataka Aims to Triple Bioeconomy to $100 Billion by 2030"

Karnataka has set an ambitious goal to triple its bioeconomy to $100 billion by 2030, aiming to solidify its position as a global biotechnology hub. The state plans to achieve this by fostering a robust ecosystem that attracts top talent, builds world-class infrastructure, promotes cutting-edge research, and encourages international collaboration, entrepreneurship, and inclusive economic growth.

Unveiling the Karnataka Biotechnology Policy 2024-2029, IT/BT Minister Priyank Kharge emphasized that the state's bioeconomy, currently valued between $27 billion and $31 billion and driven by over 1,000 start-ups, is poised for exponential growth. He credited the innovative spirit of local start-ups for driving economic opportunities and highlighted Karnataka's role in spearheading India's bioeconomy goal of $300 billion by 2030.

The new policy aims to accelerate biotech growth by aligning with existing state initiatives while focusing on sector-specific needs. Key targets include establishing 300 biotech companies, including 50 innovative firms, creating 30,000 high-quality biotech jobs by 2029, and partnering with over 200 institutions to train 20,000 individuals in specialized skills. The policy also prioritizes biomanufacturing, streamlining regulations, and providing funding and mentorship for early-stage biotech start-ups.

HBL